ASIC cancels accounting firm licenses
The Australian Securities and Investments Commission (ASIC) has broken new ground, cancelling the Australian financial services licences of two NSW accounting firms for failing to obtain membership of the Australian Financial Complaints Authority (AFCA).
ASIC announced it had cancelled the licenses of Sydney Business Accounting and AG Calleia and Co.
All AFS licensees, Australian credit licensees, superannuation trustees and other financial firms that provide services to retail clients were required to become members of AFCA by 21 September, last year.
Commenting on the cancellations, ASIC commissioner, Danielle Press said they were significant because it represented the first time the regulator had cancelled licenses for non-compliance with AFCA membership requirements.
ASIC said Sydney Business Accounting and AG Calleia and Co had also failed to lodge their annual financial statements with ASIC although Sydney Business Accounting had subsequently taken steps to comply with financial reporting obligations when ASIC raised concerns.
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